Senate Bill No. 501 is a comprehensive piece of legislation that addresses a wide range of issues related to motor vehicle taxation, banking and financial institutions, and the operations of a water authority, presumably named Aquarion. The bill proposes changes to the general statutes regarding the listing and taxation of motor vehicles for property tax purposes, including the valuation of commercial motor vehicles with modifications or attachments, the appeal process for tax assessments, and the conditions under which individuals are liable for property tax on replacement vehicles. It also revises the definitions and regulations pertaining to financial institutions, introducing the concept of an "Innovation bank" and updating the assessment and examination fees for certain types of banks. Furthermore, the bill outlines the process for establishing new banks, including expedited Connecticut banks, bankers' banks, and community banks, and details the conditions for their operation.

The bill also addresses the structure and governance of the Aquarion representative policy board and the authority responsible for managing the Aquarion Water Company or its subsidiaries. It specifies the appointment of members, their compensation, and the powers granted to the authority, including the ability to sue and be sued, acquire and dispose of property, and adopt bylaws, rules, and regulations. Additionally, the bill outlines the authority's financial obligations, such as payments in lieu of taxes and bond issuance, and includes provisions for the ethical conduct of members and employees. The bill also establishes procedures for the sale or transfer of unimproved real property related to the water supply system and mandates that the proceeds from such sales be used for specific purposes. Lastly, the bill introduces new provisions effective October 1, 2024, concerning the State Historic Preservation Officer's role in determining the impact of activities on historic structures and landmarks, and outlines the process for mitigation if an impact is anticipated.

Statutes affected:
New Bill: 12-71e, 10-287
Public Act No. 24-1: 12-71e, 10-287